Targa Resources price target raised to $205 from $191 at RBC Capital

RBC Capital analyst Elvira Scotto raised the firm’s price target on Targa Resources (TRGP) to $205 from $191 and keeps an Outperform rating on the shares. After hosting the company’s management team, the firm is more positive on Targa and believes a disconnect exists between the stock price and the company’s strong fundamentals along with its ability to return cash to shareholders, the analyst tells investors in a research note. RBC adds it is forecasting higher volumes as Targa has not observed any material changes in production plans from producer customers in the Permian, despite crude oil price volatility.